Swiss bank account: Overview for private and corporate clients
Photo by Sergio Zhukov
A Swiss bank account has long been associated with privacy, stability, and legal security, offering individuals and companies a trusted platform for wealth management and international finance. Whether you’re a private investor seeking asset protection or a business managing cross-border operations, Switzerland’s banking system provides a range of account types tailored to different needs and regulatory requirements.
Why choose a Swiss bank account?
Switzerland maintains one of the world’s most sophisticated and secure banking infrastructures. Its banks operate under a strong legal framework, with the Swiss Financial Market Supervisory Authority (FINMA) ensuring institutional integrity and consumer protection. The combination of political neutrality, low public debt, a strong currency (CHF), and centuries of banking tradition continues to attract both high-net-worth individuals and global corporations.
From wealth preservation and multi-currency operations to discretionary asset management and custody services, Swiss bank accounts offer far more than simple savings or payment facilities. The added value often lies in risk diversification, tax optimisation (within legal limits), and access to global financial markets.
Types of Swiss bank accounts
Private accounts
Private accounts (also known as personal accounts) in Switzerland can be opened by residents and non-residents. They come in various formats:
- Current accounts: For day-to-day banking needs, often with online access and multi-currency features.
- Savings accounts: Usually interest-bearing, with limited transaction volume.
- Numbered accounts: Still available, although no longer anonymous under current international transparency rules. They are identified by a number rather than a client’s name in internal documents.
- Custody accounts: For holding and managing securities or precious metals.
Despite stricter international regulations (FATCA, CRS), Swiss private accounts still offer enhanced confidentiality compared to most jurisdictions—within the boundaries of lawful disclosure.
Corporate accounts
Corporate clients can open various types of accounts, depending on the legal form and operational needs of the business:
- Operational accounts: For regular transactions, payroll, supplier payments.
- Escrow accounts: Used in mergers, acquisitions, or contractual settlements.
- Custody and investment accounts: To manage portfolio assets or corporate reserves.
- Capital deposit accounts: For share capital payments during company formation.
Swiss banks typically require detailed documentation for corporate clients, including certified articles of association, shareholder registers, UBO declarations (Ultimate Beneficial Owner), and business plans. The vetting process reflects Switzerland’s commitment to anti-money laundering (AML) compliance and tax transparency.
Requirements and compliance
KYC and AML
All Swiss banks are subject to rigorous KYC (Know Your Customer) and AML procedures. Whether you are opening a Swiss bank account for personal or corporate use, you must provide:
- Valid government-issued ID
- Proof of address
- Tax identification number
- Source of funds documentation
Corporate clients must additionally supply incorporation documents, proof of activity, and identification of all controlling parties. High-risk industries (e.g. crypto, gambling, politically exposed persons) may face enhanced due diligence.
CRS and FATCA
Switzerland participates in both the OECD Common Reporting Standard (CRS) and the US FATCA regime. As such, account data may be automatically shared with tax authorities in the client’s country of residence, under strict bilateral or multilateral treaties.
This has significantly reduced the appeal of Swiss accounts for tax evasion purposes—but has also improved their legitimacy and transparency in legitimate wealth management and corporate structuring.
Costs of opening and maintaining a Swiss account
Swiss bank accounts are not universally accessible. Minimum deposit requirements vary widely:
| Bank type | Minimum deposit (private) | Minimum deposit (corporate) |
| Retail banks | CHF 0 – 50,000 | CHF 10,000 – 100,000 |
| Private banks | CHF 500,000 – 2 million | CHF 1 million+ |
| Neo-banks | CHF 0 | CHF 0 – 20,000 |
Additional fees may apply for:
- Account maintenance (CHF 100–1,000/year)
- Investment management (flat or % of assets)
- International wire transfers
- Custody and safekeeping of assets
Clients should always review the fee schedule before opening an account, especially in private banking.
Use cases: When is a Swiss bank account worth considering?
For individuals
- Asset diversification: Holding funds outside one’s home jurisdiction.
- Political risk mitigation: Especially for clients from unstable regions.
- Wealth management: Access to global investment platforms and advisors.
- Privacy and security: Legal confidentiality, robust data protection laws.
For companies
- International trade: CHF, EUR, USD, GBP multi-currency operations.
- Holding structures: Especially in family offices or trust arrangements.
- Escrow services: Secure settlement of complex transactions.
- Capital protection: Strong regulatory environment and deposit insurance.
Swiss corporate accounts are particularly popular among tech, pharmaceutical, commodity trading, and crypto-related businesses that require both regulatory credibility and cross-border functionality.
Digital access and e-banking
Most Swiss banks now offer high-end digital banking platforms with secure login procedures (e.g. two-factor authentication, biometric ID). Some private banks provide dedicated relationship managers, while larger banks offer full-service mobile apps and API integration for corporate treasury functions.
Swiss e-banking is especially beneficial for multi-jurisdictional clients who need daily visibility into their portfolios, balances, or payment status—without compromising on data security.
Crypto and fintech integration
Switzerland, especially the canton of Zug (“Crypto Valley”), is known for integrating blockchain technologies into mainstream finance. Several Swiss banks offer crypto-friendly accounts or even crypto custody services, often through licensed FINMA-regulated partners.
While crypto companies face a more intensive onboarding process, successful applicants benefit from an environment that balances innovation with legal clarity. Traditional banks such as SEBA Bank and Sygnum already serve as bridges between fiat and digital assets, offering a new frontier for corporate clients operating in Web3 or decentralised finance sectors.
Restrictions and common challenges
Despite its advantages, opening a Swiss bank account is not a guaranteed process:
- Non-acceptance policy: Banks are selective and may decline clients from certain jurisdictions or industries.
- Lengthy onboarding: The KYC process can take several weeks or even months.
- Language barrier: Although English is commonly used, some documentation may still be in German, French or Italian.
- Residency status: Non-residents face tighter scrutiny and may be restricted in account types.
It is therefore advisable to engage professional advisors who understand the Swiss banking landscape and can facilitate communication, documentation, and compliance.
Legal and regulatory framework
Switzerland’s banking laws are anchored in:
- The Federal Act on Banks and Savings Banks (BankA)
- The Anti-Money Laundering Act (AMLA)
- FINMA regulations and circulars
- International treaties (OECD, FATCA)
Bank-client confidentiality (Art. 47 BankA) still exists but is no longer absolute. Banks must report suspicious transactions and participate in automatic exchange of information under international law.
Comparison with other jurisdictions
| Feature | Switzerland | Luxembourg | Singapore |
| Currency stability | High (CHF) | High (EUR) | High (SGD) |
| Banking secrecy | Limited | Moderate | Limited |
| Access for non-residents | Moderate | Moderate | High |
| Crypto support | High (Zug, Zurich) | Medium | High |
| Minimum deposits (private) | Medium – high | High | Low – medium |
| Global reputation | Excellent | Good | Excellent |
Switzerland continues to maintain a competitive edge through its legal predictability, multilingual banking professionals, and a well-capitalised financial sector. However, prospective clients should compare offers based on individual needs, not reputation alone.
Disclaimer: This article is not legal or tax advice. The information provided is for general understanding only. Readers are strongly advised to consult with qualified legal, tax, or financial professionals before opening a Swiss bank account.
FAQs about Swiss bank account – private and corporate
- What is a Swiss bank account?
A Swiss bank account is a financial account held in a bank located in Switzerland, known for its strong privacy laws, financial stability, and international banking services. - Can non-residents open a Swiss bank account?
Yes, non-residents can open both private and corporate Swiss bank accounts, although the compliance process is more rigorous and minimum deposit requirements may be higher. - What documents are required to open a Swiss bank account?
Typically, individuals need a valid passport, proof of address, and source of funds. Companies must provide incorporation documents, shareholder lists, UBO declarations, and a business plan. - Are Swiss bank accounts still secret?
No, Swiss bank secrecy is no longer absolute. Under international agreements like CRS and FATCA, account information can be shared with foreign tax authorities when required. - What are the types of corporate Swiss bank accounts?
Corporate clients can open operational accounts, escrow accounts, capital deposit accounts, and custody accounts, depending on their business needs. - How long does it take to open a Swiss bank account?
Opening a Swiss bank account typically takes 2 to 6 weeks, depending on the client’s profile, risk category, and the completeness of submitted documentation. - What is the minimum deposit for a Swiss private bank account?
Minimum deposits vary by bank type. Private banks may require CHF 500,000 to CHF 2 million, while retail or online banks may accept smaller amounts. - Are Swiss banks crypto-friendly?
Yes, selected Swiss banks support crypto businesses and investors. Banks like SEBA and Sygnum offer crypto custody and fiat on/off ramp services under FINMA supervision. - What are the benefits of a Swiss corporate account?
Swiss corporate accounts offer multi-currency functionality, global payment capabilities, escrow services, and a high level of regulatory credibility. - Is it legal to have a Swiss bank account?
Yes, it is legal to have a Swiss bank account as long as it is declared in accordance with your local tax laws and international reporting obligations. - Can I open a Swiss bank account remotely?
Some banks allow remote account opening via certified documents and video identification, especially for corporate accounts and existing clients of law firms or fiduciaries. - What are the risks of opening a Swiss bank account?
Risks include application rejection, high fees, long onboarding processes, and mandatory compliance with international tax reporting standards.